A recent survey indicates that over half of cryptocurrency holders in Singapore are utilizing digital assets for payments, with ownership rising to 26%.
There is a notable increase in cryptocurrency ownership and its usage for transactions in Singapore. According to a new survey by a crypto payment firm, the percentage of individuals owning crypto climbed to 26% in 2024, up from 24.4% the previous year.
Of those holding digital assets, approximately 52% reported having used cryptocurrency for purchasing goods and services, while 67% expressed intentions to use it more frequently in the future.
Among younger crypto users, particularly those in the Gen Z and millennial age brackets (16 to 44 years old), adoption rates are the highest, with around 40% having crypto assets. Within this demographic, over 41% utilize it for online shopping, close to 36% for paying bills, and 27% for brick-and-mortar transactions, according to the findings.
In contrast, older individuals (ages 45 and above) tend to use cryptocurrency primarily for person-to-person transfers. Approximately 43% of this age group use crypto to send money to friends and family, while 35.7% employ it for online shopping and more than 17.2% for bill payments.
Despite the prevalent use of crypto for payments, several challenges persist. The report highlights that 63% of participants cited the complexities of using cryptocurrency as the primary obstacle, followed closely by security concerns at 60% and a lack of acceptance by merchants at 54%.
Earlier this year, it was reported that a well-known department store chain in Singapore plans to accept stablecoin payments both in-store and online through its platform, having previously partnered with a local crypto payment provider to facilitate transactions using stablecoins like Tether’s USDT and Circle’s USDC.